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The Shiba Inu cryptocurrency token value experienced a recent pump, as the anonymous Ryoshi team announced the major release of the Shiba Inu Visa burn card, with its simple, yet evidently effective campaign slogan, "Make payments, burn SHIB." It has been the report of the ShibArmy team for some time now, that Shiba Inu has been focused on developing real utility within the cryptocurrency industry, and not settling on being 'just another meme coin', as it was at its beginning.
Shiba Inu community predicted a 111 trillion SHIB burn, fueling a bullish sentiment among SHIB holders. Shiba Inu's burn events have triggered a rally in the meme coin over the past two months. 410.37 trillion Shiba Inu tokens have been burned so far, reducing the circulating supply by nearly 41%. SHIB, which was once in the top 10 cryptocurrencies by market cap after a tremendous rally in 2021, has since lost its position. It made a recovery back to 12th place but has once again lost its footing after failing to hold an important technical level.
This seems to potentially just be the beginning of future developments that may come from Shiba Inu. As the market continues in a relatively day-to-day outlook amidst even more interest and inflation rate uncertainty, and other factors affecting the volatility of all markets, the ShibArmy faithful have expressed clear expectations to progress even in what many are calling a full-on bear market, and incoming, possibly not even the start of, the largely anticipated crypto winter.
Shiba Inu started the year 2022 at an index price of US$0.000033. In the first 180 days of the year, the price of the meme token declined by 69%. By 30 June, one SHIB token exchanged hands at US$0.00001. In H1 (first half of a calendar year) 2022, as the price plummeted, trading activity for SHIB also declined. After a trading volume high of 4.79 billion on 7 February, trading activity for the token dropped significantly. SHIB closed H1 with an 85% decline in trading volume since the high of 7 February. Also, in the 6 months, SHIB's market capitalization dropped from US$18 billion to US$5 billion.
However, all recent $SHIB news suggests the Shiba Inu decentralized community has grown a step closer to its goal of distinguishing itself as a viable decentralized project with relevance in the financial and global payments sectors. The Visa Burn Card and recent exchange listings come together to offer clear evidence of what the Shiba Inu team has been busy working towards. The $SHIB token value has increased following the news, while many other cryptocurrencies retraced and experienced pullbacks behind the Federal Reserve's announcement of a .75% rise in inflation.
Soon Shiba may also see many uses like other utility tokens if everything goes well with the planning. So, these falls are temporary and Shiba holds a bright future if all plans are executed successfully. If Shiba Inu were to reach a penny, the cryptocurrency would be worth multiples more than Bitcoin. Because of the massive amount of capital required for SHIB to reach a penny, it's highly unlikely this will happen.
The biggest developments are coming up this year and have the potential to explode this coin. The Shibarium and the Shiberse are two major Shiba Inu developments that crypto analysts say will be a game-changer for this project. Shibarium, a layer-2 scaling solution, is widely anticipated because of the impact it is going to have on this coin.
Shibarium is a scaling protocol designed to scale Ethereum, which is the network that Shiba Inu is running on. With the launch of this scaling protocol, the Shiba Inu project will significantly reduce the amount of gas that users have to pay when transacting SHIB.
With such developments and proper execution, it might be possible for Shiba Inu to go on an 85% price rally.
